MercoPress. South Atlantic News Agency

World Bank loans Mexico one billion dollars to cope with coronavirus effects

El Economista said Mexico asked the World Bank for the loan on May 19 to deal with the impact of the pandemic, and got the green light on May 31.

Mexico has taken out a one billion US dollars loan from the World Bank as the effects of the coronavirus begin to squeeze the economy, a business newspaper reported on Sunday.

El Economista said the Mexican government asked the World Bank for the loan on May 19 to deal with the impact of the pandemic, and got the green light from the international lender on May 31.

Deputy Finance Minister Gabriel Yorio said on Twitter that the loan had not been contracted for any specific purpose.

The development policy loan (DPL) is for the government’s general funding needs and fell within the debt limits already approved by Mexico’s Congress, he said.